Should I Refinance My Car Loan?
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Your Current Loan
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New Loan Offer
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Typical auto refi fees: $0-$500. Check with your lender.
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Frequently Asked Questions
When should I refinance my car loan?
Consider refinancing your car loan if your credit score has improved since you got the loan, interest rates have dropped, or you're paying more than 1% above current market rates. A rate reduction of 0.5% or more typically makes refinancing worthwhile.
How much can I save by refinancing my car?
Savings depend on your loan balance, rate reduction, and term. For example, refinancing a $15,000 loan from 8.5% to 5.5% over 36 months could save $700-1000 in interest.
Are there fees to refinance a car loan?
Some lenders charge fees of $0-$500 for auto refinancing. Many online lenders offer no-fee refinancing. Always factor any fees into your savings calculation.
Will refinancing my car hurt my credit score?
Refinancing triggers a hard inquiry which may temporarily lower your score by a few points. However, rate shopping within a 14-day window typically counts as a single inquiry.